Gemini, the New York-based cryptocurrency exchange, has obtained in-principle approval from the Monetary Authority of Singapore (MAS), the country’s financial regulator.
The preliminary agreement allows Gemini to offer cross-border money transfer and digital payment token services. This is a crucial step in its strategy to strengthen Geminis’ presence in Asia, according to a Straits Times report.
“While the United States remains our largest market and global headquarters, Asia and Singapore especially play a crucial role in our global strategy,” said Saad Ahmed, who oversees Gemini’s operations in the Asia-Pacific region.
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Singapore becomes Gemini’s second largest market
With a presence in around 70 countries, Singapore stands out as Gemini’s second largest market in terms of customer base. It is only behind the United States. The expansion efforts come as regulatory pressures have intensified in the domestic market.
Ahmed said Singapore is important to Gemini’s regional ambitions, noting that the city-state will serve as the company’s Asia-Pacific hub. “We are building the capabilities here to carry out operations across the region,” he added.
Crypto exchange Gemini receives first green light from Singapore regulator MAS
– ST Business Desk (@stbusinessdesk) October 29, 2024
Currently, the exchange has a team of over 40 employees in Singapore. It also plans to double this workforce in the near future as part of ongoing investments.
“We are also in progress moving to larger offices to accommodate our growing local team, which reflects our long-term commitment to Singapore,” he said, highlighting recruitment efforts in various roles including compliance, engineering, product development and finance.
Looking ahead, Ahmed acknowledged the likelihood of volatility due to macroeconomic factors and geopolitical tensions. However, he remains optimistic that regulatory clarity in key markets like Singapore will drive growth and adoption in the region.
“We hope that we continue to see greater adoption in the region,” he concluded, reinforcing Gemini’s commitment to navigating the changing cryptocurrency landscape in Asia.
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OKX obtains full license in Singapore
Last month, OKX obtained a major payment institution (MPI) license in Singapore, enabling the exchange to provide a range of financial services. The company’s services will include cross-border money transfers and digital payment tokens, lifting previous volume restrictions.
With the MPI license, OKX can now exceed standard volume limitations. The license allows it to process payments beyond the cap of SG$3 million (about $2.2 million) for a single service and the limit of SG$6 million ($4.4 million) for several services.
Meanwhile, a significant number of financially savvy people in Singapore have adopted cryptocurrency and view it as the future of finance, according to a recent report. report from Seedly and Coinbase.
The study, conducted in the fourth quarter of 2023, among more than 2,000 adults, found that 57% of respondents currently hold digital assets.
The majority of respondents reported investing amounts ranging from US$1,000 to US$25,000 in cryptocurrencies.
Singapore is actively trying to become a global crypto hub. Most recently, the Monetary Authority of Singapore (MAS) provided Paxos regulatory approval to issue stablecoins.
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